As public awareness of environmental responsibility rises, so does the demand for sustainable living that is affordable, energy efficient, and attractive. For many people of the Millennial generation, someday owning a McMansion in a sprawling suburb of a city isn’t on their radar. As the next generation of homebuyers approaches the real estate market, one thing is clear; they aren’t looking for a big back yard and a two hour commute. This technology driven group of people wants to live in a walkable community, close to employment opportunities and entertainment.
According to a recent report from an Urban Land Institute (ULI) called America in 2013, 54% of Millennials, or Generation Y, are currently renters. The results of the survey suggest that people born between 1980 and 1990 prefer to live in urban areas, and their living habits could drive infill residential development in cities. The previous generation, often called Generation X, prefer single family neighborhood’s in the suburbs, and don’t mind a commute by car. Generation Y is focused on sustainable living, and reducing their carbon footprint is at the top of a long list of priorities that revolve around green living. According to the report, 76 of the Generation Y people surveyed place high value on walkability in a community.
“The choices being made by these groups are upending long-held notions about what is considered traditional neighborhood development,” said ULI Chief Executive Officer Patrick L. Phillips. “We’ve entered an era in land use that will be defined by development that conserves land and energy, and which offers consumers plenty of options in where they live and how they get from one place to another.”
This particular preference for living in areas that provide a mixture of shopping, dining, working, and entertainment, all within walking distance, is creating an emerging demand for modern, beautiful living spaces created by developers who understand how important green living is to the public. For more information about how you can live in a Wood Partners apartment home designed for green living, pleaseContact Us.